SoftBank Group Corp’s Vision Fund 2 and private equity firm Tiger Global Management have invested in Redis Labs, a real-time cloud analytics platform provider, in a late-stage funding round valuing the firm at over $2 billion. Existing investor TCV also participated in the round which raised $110 million, bringing the net amount so far to $347 million, the company said on Wednesday.
Founded in 2011 by Ofer Bengal and Yiftach Shoolman in Tel Aviv, Israel, Redis Labs’ platform helps organizations process, analyze and forecast data effectively. It has deployed over 1 million databases so far. The company’s other investors include Bain Capital Ventures, Francisco Partners, Goldman Sachs Growth, Viola Ventures and Dell Technologies Capital.
The Mountain View, California-based firm has more than 8,000 paying customers including MasterCard Inc, Dell Technologies Inc, Fiserv Inc, Home Depot Inc and Microsoft Corp.
Redis Labs’ products include in-memory database Redis and Redis Enterprise Cloud, a database-as-a-service offering. The company has an alliance with Microsoft to bring its Redis Enterprise-powered tiers to Azure Cache for Redis.
Source: Reuters
Reporting by Sohini Podder in Bengaluru; Editing by Krishna Chandra Eluri
